Retailers are starting to view real estate as a service as much as a space, executives said at a New York Deal Making presentation titled Retail Reimagined: Embracing Change.
Richard Tyson principal strategy director at retail design firm Frog Design
Successful landlords and developers are the ones who are including the tech services of tomorrow in their properties, said Richard Tyson, principal strategy director at retail design firm Frog Design. “What are the technology layers that are also retail services that we will have to provide? What tech stack is useful to our tenants?”
Properties that give tenants the ability to create a brand experience that integrates mobile, online and in-store shopping will win tenants and profits, Tyson said.
Retailers want their stores to include the newest technologies to help them address consumers’ omni-channel shopping habits, said James Cook, director of retail research at JLL.
Augmented reality at scale, artificial intelligence and natural language processing are all expected to be popular if not ubiquitous in retail soon. Tenants also want big data from their landlords to help them capitalize on centers’ overall traffic, Cook said.
To that end, mall landlord Westfield recently established a retail technology network called One Market that it says unites retailers, brands, venues, and partners to facilitate collaboration, encourage data sharing, and implement new technologies.
By Brannon Boswell